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HomeMy WebLinkAboutCT 07-04; Bressi Ranch Medical Plaza LLC; 2008-0631302; Subordination AgreementRecording Requested By • .First American Title NHS RECORDING REQUESTED BY WHEN RECORDED MAIL TO: District Secretary Carlsbad Municipal Water District 1200 Carlsbad Village Dr. Carlsbad, CA 92008 Please record the document at no fee as it is to the benefit of the District (Gov. Code [6103].) 1279 DOC# 2008-0631302 DEC 11, 2008 8:00 AM OFFICIAL RECORDS S/iN DIEGO COUNTY RECORDER'S OFFICE GREGORY J. SMITH, COUNTY RECORDER FEES. 000 PAGES: 10 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: PR 08-24, Subordination Agreement Bressi Ranch Medical Plaza 213-260-01-00 CT 07-04 SUBORDINATION AGREEMENT (TRUST DEED HOLDERS) NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AN/THE EASEMENT(S) IN THE REAL PROPERTY TO WHICH YOUR SECURITY INSTRUMENT ATTACHES AND HAS THE POTENTIAL EFFECT OF REDUCING THE VALUE OF YOUR SECURITY INTEREST. THIS AGREEMENT is made thisis 1*3 da of 20 PS by Bressi Ranch Medical Plaza, LLC, a California limited liability company, owner of the land hereinafter described and hereinafter referred to as "Owner," and California National Bank, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Bressi Ranch Medical Plaza, LLC, a California limited liability company, did execute a deed of trust, dated August 21, 2008 to First American Title Insurance Company, a California corporation, as trustee, to secure a note in the sum of Seven Million, One Hundred Thousand Dollars ($7,100,000.00) in favor of California National Bank, a national banking association, recorded in the office of the County Recorder of San Diego County on August 28, 2008 as Instrument No. 2008-461121 of Official Records of said county; and 1280 WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT, in favor of the Carlsbad Municipal Water District as grantee herein referred to as "Easement Grantee" creating an EASEMENT more particularly described in EXHIBITS "A" & "B" attached hereto; and WHEREAS, Easement Grantee is willing to accept said EASEMENT provided the grant of EASEMENT is a charge upon the above described property prior and superior to the lien or charge of the deed of trust above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust above mentioned to the lien or charge of the EASEMENT created in favor of Easement Grantee; and WHEREAS, it is to the mutual benefit of the parties hereto that Easement Grantee accept said EASEMENT and Beneficiary is willing that the grant of EASEMENT shall, when recorded, constitute a charge upon said land which is unconditionally prior and superior to the lien or charge of the deed of trust above mentioned. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Easement Grantee to accept said EASEMENT above referred to, it is hereby declared, understood and agreed as follows: 1. That said EASEMENT in favor of Easement Grantee shall unconditionally be and remain at all times a charge on the property therein described, prior and superior to the lien or charge of the deed of trust above mentioned. 2. That Easement Grantee would not accept said EASEMENT above described without this subordination agreement. 3. That this Agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the deed of trust above mentioned to the EASEMENT in favor of Easement Grantee above referred to and shall supersede and cancel, but only insofar as would affect the priority between the deed of trust and EASEMENT 1281 hereinbefore specifically described, any prior agreement as to such subordination including, but not limited to, those provisions, if any, contained in the deed of trust above mentioned, which provide for the subordination of the lien or charge thereof to another interest in the real property therein described. Beneficiary declares, agrees and acknowledges that: 1. We consent to and approve the grant of EASEMENT in favor of the Easement Grantee. 2. We intentionally and unconditionally subordinate the lien or charge of the deed of trust above mentioned to the EASEMENT in favor of Easement Grantee above referred to and understands that in reliance upon, and in consideration of, this subordination of the grant of EASEMENT is being executed and delivered, the EASEMENT is being created, and that specific monetary and other obligations are being and will be entered into by the Easement Grantee, other lenders and title insurance companies which would not be made or entered into but for said reliance upon the subordination. 1282 3. This Agreement represents an endorsement to the note secured by the deed of trust above mentioned and that said deed of trust has by this instrument been subordinated to the charge of the Easement in favor of Easement Grantee above referred to. BENEFICIARY: California National Bank By: TRUSTOR: Bressi Ranch Medical Plaza, LLC, a California limited liability company By: Armour Capital, LLC, a Delaware limited liability company, its Manager Bw Armour^uildipi Company, a rnia cflbcppr^uDn, its manager By: (sic Jeffrey B. Armour (print name here) C > \/__^> £A\lh/ u If f (print name here) President (title and organization pf signatory) By: (print riame here) (title and organization of signatory) (title and organization of signatory) By: (sign here) (print name here) (title and organization of signatory) (Proper notarial acknowledgment of execution by BENEFICIARY AND OWNER must be attached.) (Chairman, president or vice-president and secretary, assistant secretary, CFO or assistant treasurer must sign for corporations. Otherwise, the corporation must attach a resolution certified by the secretary or assistant secretary under corporate seal empowering the officer(s) signing to bind the corporation.) If signed by an individual partner, the partnership must attach a statement of partnership authorizing the partner to execute this instrument. It is recommended that, prior to the execution of this subordination agreement, the parties consult with their attorneys with respect thereto. APPROVED AS TO FORM: RONALD R. BALL General Counsel By: Deputy GeVieral Counsel 1283 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of (} t7&. On fO - /-0 Date personally appeared before me, ffA/ fv n c, f> Here Insert Nams'and Title of the Officer Name(s) of Signer(s) ii 1 i i r -1' ' "ifJOANNE PICCOLO r Commission* 1771684 I Notary Public — California | Orange County * who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that -tie/she/they executed the same in-hio/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. Place Notary Seal Above WITNESS my hand eal. Signature OPTIONAL Though the information below is not required by law, it may prove valuable and could prevent fraudulent removal and reattachment of this h Description of Attached Document Title or Type of Document: Document Date: / 0 ~umber of Pages: Signer(s) Other Than Named Above:7prg- Capacity(ies) Claimed by Signer(s) Signer's Name: John fC*. j-JT)n.'if r\ RIGHTTHUMBPRINT OF SIGNER Toe of thumb here D Individual KL Corporate Officer —Title(s): Sr~> V , D Partner — D Limited D General D Attorney in Fact D Trustee D Guardian or Conservator D Other: igner Is, Representing: —^: *• I- Signer's Name: D Individual /Bvporporate Officer — Title(s) D Partner — D Limited D General D Attorney in Fact D Trustee D Guardian or Conservator D Other: _ Y\ | RIGHTTHUMBPRINT OF SIGNER ) of thumb here Signer ls;pepresenting: Ha ©2007 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402 • www.NationalNotary.orgltem #5907 Reorder: Call Toil-Free 1 -800-876-6827 ORIGIN^! CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of OnOOV, Date personally appeared before me,H Here Insert Name and Title of thex)fficer Name(s) of Signer(s) Notary PuMc-CoMo Orange County MyCamm.E**MNowl9.: Place Notary Seal Above who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature Signature of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date:Number of Pages: Signer(s) Other Than Named Above:'' CClM*T*Vfr VJftMOl^ Capacity(ies) Claimed by Signer(s) Signer's Name: D Individual Signer's Name:. D Individualmuiviuuai _ i . LJ muiviuuai Corporate Officer — Title(s): Vf(£>flClfV( VwT' D Corporate Officer — Title(s): D Partner — D Limited D General D Attorney in Fact D Trustee D Guardian or Conservator D Other: Signer Is Representing: RIGHTTHUMBPRINT OF SIGNER Top of thumb here " 0 D Partner — D Limited D Gefieral D Attorney in Fact / D Trustee /' D Guardian or Conservator D Other: _ Signer Is^Representing: RIGHTTHUMBPRINT OF SIGNER Top of thumb here ©2007 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402 • www.NationalNotary.org Item #5907 Reorder: Call Toll-Free 1 -800-876-6827 BEST 1284EXHIBIT "A" WATER LINE EASEMENT LEGAL DESCRIPTION PR 08-24, CT 02-15 PAGE 1 OF 2 THE LAND DESCRIBED HEREIN IS A PORTION OF LOT 1 OF THE CITY OF CARLSBAD TRACT CT 02-15, ACCORDING TO MAP THEREOF NO. 14960 FILED IN THE OFFICE OF THE SAN DIEGO COUNTY RECORDER FEBRUARY 4, 2005, LOCATED IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT A POINT ON THE EASTERLY BOUNDARY OF LOT 1 AND THE WESTERLY RIGHT-OF-WAY OF METROPOLITAN STREET, SAID POINT BEING THE BEGINNING OF A NON-TANGENT CURVE, CONCAVE NORTHEASTERLY, HAVING A RADIUS OF 56.00 FEET, A RADIAL LINE TO SAID POINT BEARS SOUTH 35°59'32" WEST, THENCE ALONG THE EASTERLY BOUNDARY OF LOT 1 AND THE WESTERLY RIGHT-OF-WAY OF METROPOLITAN STREET, NORTHWESTERLY ALONG SAID CURVE 22.92 FEET THROUGH A CENTRAL ANGLE OF 23°26'51" TO A POINT OF NON- TANGENCY, A RADIAL LINE TO SAID POINT BEARS SOUTH 59°26'23" WEST, SAID POINT BEING THE TRUE POINT OF BEGINNING; THENCE LEAVING SAID EASTERLY BOUNDARY AND WESTERLY RIGHT-OF-WAY, SOUTH 86°54'10" WEST 51.58 FEET; THENCE NORTH 81°50'50" WEST 98.34 FEET; THENCE NORTH 08°09'10" EAST 6.48 FEET; THENCE NORTH 81°50'39" WEST 10.00 FEET; THENCE NORTH 08°09'21" EAST 30.00 FEET; THENCE SOUTH 81°50'39" EAST 10.00 FEET; THENCE NORTH 08°09'10" EAST 69.17 FEET; THENCE NORTH 04°34'21" WEST 57.45 FEET TO THE NORTHERLY BOUNDARY OF LOT 1 AND THE SOUTHERLY RIGHT-OF-WAY OF TOWN GARDEN ROAD, SAID POINT BEING THE BEGINNING OF A NON-TANGENT CURVE, CONCAVE NORTHERLY, HAVING A RADIUS OF 336.00 FEET, A RADIAL LINE TO SAID POINT BEARS SOUTH 00°34'21" EAST; THENCE EASTERLY ALONG SAID CURVE 20.02 FEET THROUGH A CENTRAL ANGLE OF 3°24'50" TO A POINT OF NON-TANGENCY, A RADIAL LINE TO SAID POINT BEARS SOUTH 03°59'11" EAST; THENCE LEAVING SAID NORTHERLY BOUNDARY AND SOUTHERLY RIGHT-OF-WAY, SOUTH 04°34'21" EAST 24.51 FEET; THENCE NORTH 69°35'48" EAST 20.29 FEET; THENCE SOUTH 20°24'12" EAST 20.00 FEET; THENCE SOUTH 69°35'48" WEST 25.96 FEET; THENCE SOUTH 04°34'21" EAST 13.59 FEET; THENCE SOUTH 08°09'10" WEST 87.88 FEET; THENCE SOUTH 81°50'50" EAST 76.37 FEET; THENCE NORTH 86°54'10" EAST 0.15 FEET; THENCE NORTH 03°05'50" WEST 13.02 FEET; THENCE NORTH 86°54'10" EAST 20.00 FEET; THENCE SOUTH 03°05'50" EAST 13.02 FEET; THENCE NORTH 86°54'10" EAST 23.45 FEET TO THE EASTERLY BOUNDARY OF LOT 1 AND THE WESTERLY EXHIBIT "A" WATER LINE EASEMENT LEGAL DESCRIPTION PR 08-24, CT 02-15 1285 PAGE 2 OF 2 RIGHT-OF-WAY OF METROPOLITAN STREET, SAID POINT BEING THE BEGINNING OF A NON-TANGENT CURVE, CONCAVE EASTERLY, HAVING A RADIUS OF 56.00 FEET, A RADIAL LINE TO SAID POINT BEARS SOUTH 80°55'53" WEST; THENCE ALONG SAID EASTERLY BOUNDARY AND WESTERLY RIGHT-OF-WAY, SOUTHERLY ALONG SAID CURVE 21.01 FEET THROUGH A CENTRAL ANGLE OF 21°29'30" TO THE TRUE POINT OF BEGINNING. CONTAINS 6,805 SQUARE FEET OR 0.1562 ACRES OF LAND, MORE OR LESS. . 2008.DATED THIS /& *~ DAY OF s?**ir/tj~*) g^-*»^—•. DONALD ROY CURRY, ^L.S. 7846 EXP. 12/31/08 EXMBTT 'B' WATER LINE EASEMENT PLAT 1286 PAGE 1 OF 2 IV LOKER AVE INNOVATION WY TOWN GARDEN RD ALICANTE RD METROPOLITAN ST S/7E VICINITY MAP NOT TO SCALE LEGAL DESCffifPTOV LOT 1 OF THE CITY OF CARLSBAD TRACT CT 02-15 ACCORDING TO MAP THEREOF NO. 14960, FILED IN THE OFFICE OF THE SAN DIEGO COUNTY RECORDER FEBRUARY 4, 2005, LOCATED IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA BASIS OF BEARING THE BEARINGS REFERENCED HEREIN ARE BASED ON THE SOUTH BOUNDARY OF LOT 1, SHOWN ON MAP No. 14960 AS NORTH 89'17"12" WEST FUSCOE ENGINEERING INC. 6390 GREENWICH DR. STE. 170 SAN DIEGO, CA 92122 WATERLINE EASEMENT PLAT - CMWD OWNER BRESSI RANCH MEDICAL PLAZA PREPARED BY 936 E. SANTA ANA BLVD APN 213-260-01 SANTA ANA, CA 92701 PHONE: (714) 567-9260 DONALD ROY CURRY. LS 7846 LICENSE EXPIRES 12/31/08 DATE CT 02-15 PR 08-24 LEGEND p.o.c. T.P.O.B. WATER LINE EASEMENT AREA 6,805 SO. FT. PROJECT BOUNDARY STREET CENTER LINE STREET RIGHT-OF-WAY POINT OF COMMENCEMENT TRUE POINT OF BEGINNING EXHIBIT 'B' WATER LINE EASEMENT PLAT Yft SOO •34121•E(5l \S0*'•3* 13.59* ]20' CURVE TABLE CURVE C1 C2 C3 DELTA 23'26'51" 3°24'50" 21 '29 '30" RADIUS 56.00' 336.00' 56.00' LENGTH 22.92' 20.02' 21.01' L10 1287 PAGE 2 OF 2 L/NE TXBLf LINE L1 L2 L3 L4 L5 L6 L7 L8 L9 LW L11 L12 BEARING N08'09'10"E N81°50'39"W N08'09'21"E S81'50'39"E N69°35'48"E S20'24'12"E S69°35'48"W N86'54'W"E N03°05'50"W N86°54'10"E S03°05'50"E N86°54'10"E DISTANCE 6.48' 10.00' 30.00' 10.00' 20.29' 20.00' 25.96' 0.15' 13.02' 20.00' 13.02' 23.45' [L2' LB- LOT1 MAP 14960 /- L12 51 58' S86°54'10"W 1<0 T.P.OB. ^S59°26'23''W (R) P.O.C. S35'59'32"W/(R) 80'-N89°17'12"W 396.14' BASISOFBEARINGS GRAPHIC SCALE WATERLINE EASEMENT PLAT - CMWD OWNER BRESSI RANCH MEDICAL PLAZA PREPARED BY 936 E. SANTA ANA BLVD APN 213-260-01 SANTA ANA, CA 92701 PHONE: (714) 567-9260 DONALD ROY CURfiY, LS 7846? LICENSE EXPIRES 12/31/08 DATE CT 02-15 PR 08-24